STATE COLLEGE, Pa. (AP) — Penn State board of trustees chairwoman Karen Peetz, who led the board's efforts to reform university governance and increase transparency after the Jerry Sandusky child sex abuse scandal, won't run for another term but will remain on the board.

The university made the announcement Tuesday, five days after Bank of New York Mellon promoted Peetz to president of the company effective Jan. 1. Peetz is the CEO of the bank's financial markets and treasury services business.

In a statement, Peetz cited the demands of her new post at BNY Mellon as a reason for not running for another one-year term as chair of the university's governing body.

"At all times, and particularly now, our University needs a chairman with the ability to commit virtually unlimited time and energy to guiding this great institution to its promising future," Peetz said. "The new, significantly broader responsibilities I am assuming at BNY Mellon preclude me from dedicating myself fully to Penn State right now."

Peetz said vice chairman Keith Masser, who runs a potato farming company in Schuylkill County, "has indicated an interest and willingness" to run for chairman. The next election for one-year terms for officers will be held at a Jan. 18 meeting.

Peetz, a trustee since 2010, took over as chairwoman this past January, not long after the November 2011 arrest of Sandusky, a former Penn State football assistant coach.

The 68-year-old Sandusky was convicted this summer of abusing several boys, some on campus. He's serving a 30- to 60-year prison sentence but maintains his innocence.

The abuse scandal rocked Penn State, bringing down legendary head coach Joe Paterno and the university's then-president and leading college sports' governing body, the NCAA, to levy unprecedented sanctions against the university's football program.

Three former university administrators, accused of covering up complaints about Sandusky's behavior and lying to a grand jury that investigated the case, have been charged with perjury, obstruction and other offenses but deny the allegations against them.

In July, former FBI director Louis Freeh released the findings of his investigation into the abuse scandal for the university, citing failures of accountability. Peetz said the trustees accepted "full responsibility" for the failures. Since then, the university said it has implemented about half of Freeh's 119 recommendations to strengthen it, in areas including security and compliance.

Peetz and the board have been criticized by some alumni for not intervening to try to lessen the severity of the NCAA sanctions agreed upon by university president Rodney Erickson, including a four-year ban from postseason play and significant scholarship cuts for the marquee football program. She has said that the board stood by Erickson.

The university last month formally started its search for a new president to replace Erickson, who plans to step down when his contract expires in June 2014. Trustee James Broadhurst, who heads a committee on governance, said Peetz would stay as chair of the presidential search council.